Trolley Square, in East Haven, has sold for $22 million, or approximately $204 per square foot. The seller, Ceruzzi Properties, sold the retail center as part of a 1031 exchange to a private investor based in Manhattan. The property was fully leased at the time of sale, and is anchored by a Stop & Shop. The sale indicates a cap rate of approximately 6.80%.
Trolley Square, located on the corner of Main Street and Hemingway Avenue, contains approximately 107,921 square feet of space, and sits on 10 acres of land. The center, built in 1984, is situated just off of Route 1, near Exit 51 off of Interstate 95. The property is ground leased to Stop & Shop on a long term, triple net basis.